Stock Market Live: Dow Futures Drop After Tesla, IBM Earnings; Nasdaq Rises on Alphabet Results

Unconfirmed reports circulated Thursday claiming that Hulk Hogan, one of pro wrestling’s most recognizable personalities, has died at the age of 71. While no official statement has been released by Hogan’s representatives or WWE, the speculative headlines have already triggered interest in how this news might affect media properties linked to his legacy.

TKO Group (TKO), the holding company behind World Wrestling Entertainment (WWE), may face public and investor interest in the days ahead if Hogan’s death is confirmed. Hogan's influence on professional wrestling spans decades, and the company’s response—whether through tribute programming, official statements, or memorial events—could be a focal point for fans and financial analysts alike.

Netflix (NFLX), which began exclusively streaming WWE’s Monday Night Raw earlier this year, may also see a spike in viewership for its upcoming broadcast. If tributes or memorial segments are aired, audience engagement could rise temporarily, offering short-term gains in streaming traffic and fan interaction metrics.

Industry analysts note that corporate responses to cultural icons’ deaths—especially figures as prominent as Hogan—can carry short-term implications for brand sentiment, media coverage, and consumer engagement, even if longer-term financial effects remain limited.

TKO is scheduled to report earnings on August 6, and any mention of Hogan during the call could shape how the market interprets the company’s handling of its legacy assets and fanbase communication.

As of Thursday evening, neither TKO Group nor Netflix had issued public statements regarding the circulating reports. The situation remains unconfirmed.

Intel is scheduled to release its second-quarter earnings Thursday, with analysts and investors watching closely for any signs that the company’s new leadership is gaining traction.

The report will be the first major test for recently appointed CEO Lip-Bu Tan, who took the reins earlier this year amid mounting concerns about Intel’s lagging position in the semiconductor industry. Once the undisputed leader in chip manufacturing, Intel has lost ground in recent years to rivals like AMD and Taiwan Semiconductor Manufacturing Company (TSMC), both in terms of technology and market share.

Wall Street will be looking for evidence that Tan's early efforts are translating into real operational improvements, particularly in the company’s foundry business and advanced chip production lines. Analysts also expect commentary on Intel’s roadmap for AI-related chips, an area where the company is playing catch-up to Nvidia and others.

Revenue and earnings projections remain conservative, reflecting ongoing challenges in both the PC and data center markets. Still, investors are likely to focus less on the top-line numbers and more on forward-looking guidance and any indication that Intel is regaining its footing in a rapidly evolving tech landscape.

Intel shares have been volatile in recent months, and Thursday’s report could set the tone for how the market views the company’s turnaround narrative in the second half of the year.

Alphabet’s stock moved higher this week as a steady performance in its cornerstone Search division reassured analysts who had been watching closely for signs of disruption from artificial intelligence.

Wall Street had braced for potential softness in Google’s core business amid the rollout of its Gemini AI tools and the growing prominence of AI-generated answers in search results. Instead, analysts saw more of the same: resilient demand, stable ad revenue, and no signs of major user attrition.

Bank of America’s Justin Post, long a close watcher of Alphabet’s search metrics, raised his 12-month price target on the stock from $210 to $217. In a client note, Post pointed to the consistency of Google Search usage—even as AI-generated summaries now appear across many queries—as a reason to believe the company can transition into AI without hurting its advertising engine.

Alphabet said its AI Overview feature, which offers short synthesized responses above traditional search links, is being used in more than 2 billion searches each month. Meanwhile, the Gemini app, launched to compete in the growing market of AI chatbots, now has 450 million monthly active users.

Despite this growth, Alphabet has been cautious about revealing direct revenue figures from its AI products. Most of the financial benefit appears to be coming indirectly—through increased user engagement and better ad targeting.

RBC Capital Markets took a similar view. Analyst Brad Erickson lifted his price target from $200 to $220, writing that Google continues to drive meaningful traffic through both traditional search and new AI-powered formats. "The company still distributes enough high-intent traffic to support strong ad performance,” Erickson wrote. “That hasn’t changed.”

Some investors were also watching Alphabet’s capital spending. The company raised its full-year capital expenditure forecast to $85 billion, up from a previous estimate of $75 billion. Much of that money will be spent on expanding server infrastructure and building new data centers to support future AI demand.

Erickson described those investments as “disciplined” and said the company appears to be prioritizing projects with clear return potential, rather than making speculative bets.

While Alphabet didn’t break out separate revenue for Gemini or AI Overviews, analysts largely agreed that the company is threading the needle—managing to invest aggressively in AI without destabilizing its core advertising platform. With search ad revenue still growing, and YouTube and Cloud continuing to expand, Alphabet has avoided the slowdown some feared.

Alphabet shares have climbed more than 25% since the start of the year, and this quarter’s results suggest that momentum may continue—even as the AI landscape becomes more crowded.

A lawsuit filed Thursday in federal court in Washington, D.C., names Federal Reserve Chair Jerome Powell and other officials. The suit argues the central bank is breaking a 1976 law by holding Federal Open Market Committee meetings in private.

The lawsuit was brought by a money manager seeking greater transparency in monetary policy decisions.

UnitedHealth stock fell around 2% in early trading after the company disclosed a Department of Justice review of its Medicare billing practices.

In a regulatory filing, the insurer confirmed it is under formal investigation by the DOJ, prompting investor concern over possible legal or financial consequences.

Stocks opened on uneven ground Thursday morning after fresh quarterly results from major tech firms and updated figures on jobless claims gave markets a lot to weigh.

The Dow Jones Industrial Average (^DJI) slipped 0.6% at the open, falling back after coming within reach of a record close on Wednesday. The Nasdaq Composite (^IXIC) rose 0.3%, helped by gains in select technology names, while the S&P 500 (^GSPC) edged up 0.1%.

Thursday’s opening moves followed quarterly earnings from companies including Tesla, Alphabet, and IBM, which landed with a mixed impact. Tesla’s shares dropped after the company flagged a challenging few quarters ahead. Alphabet's numbers were more upbeat, while IBM's software revenue missed expectations.

Meanwhile, new data from the Labor Department showed initial unemployment claims fell to 217,000, the lowest weekly total since April — suggesting layoffs remain limited even as hiring slows in some sectors.

Traders are also watching for updates on potential trade talks between the US and European Union.